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Train RERA officials on provisions, Bihar REAT tells state government

Saturday 24th June 2023

In a striking development highlighting the need for enhanced oversight in the real estate sector, the Real Estate Appellate Tribunal (Reat) of Bihar has issued a compelling appeal to the state government. The tribunal has urged the government to provide comprehensive "training" to the members of its regulatory authority, Rera, with the aim of fostering a deeper comprehension of the pertinent laws governing the industry. Citing the "improper functioning of the authority" as the driving force behind this call to action, the appellate tribunal expressed its concern over a particular instance where a commercial-cum-residential project was registered without conducting thorough verification of the validated documents. ...

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Pay shifting fee to flat owners in three Chintels Paradiso towers, builder told

Saturday 24th June 2023

District Town Planner (Enforcement), Mr. Manish Yadav, took a proactive step on Friday by addressing a letter to Chintels India, the esteemed developer behind the Paradiso residential project situated in Sector 109. The letter emphasizes the need for the developer to fulfill their obligation of paying the shifting charges to the flat owners residing in towers D, E, and F. Furthermore, DTP Yadav specifically directs the builder to ensure that these charges are disbursed to residents who wish to relocate without providing their consent for either option I or option II as presented by the developer. ...

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Ahmedabad civic body clears 33,000 applications pertaining to property tax-related issues

Saturday 24th June 2023

The Ahmedabad Municipal Corporation announced a significant achievement during its recent 'green corridor drive', having successfully resolved 33,000 applications related to property tax matters. Jainik Vakil, the esteemed chairman of the revenue committee, highlighted the substantial volume of applications received, encompassing various requests such as name changes, ownership transfers, and tax rebates, among others. This commendable accomplishment showcases the diligent efforts undertaken by the corporation to address and resolve property tax-related issues efficiently. ...

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Noida: NexGen Infracon pays penalty for five-year delay in delivering possession of flat

Friday 23rd June 2023

A man based in Delhi has received approximately Rs 16 lakh as a penalty for delay from the developer of a residential complex project in Noida. The possession of the flat was handed over to him five years beyond the originally promised deadline. As per the Uttar Pradesh Real Estate Regulatory Authority (RERA), the buyer had made a booking for a flat in Mahagun Mezzaria, located in Sector 78 of Noida, in 2017. The buyer had paid a sum of Rs 1.35 crore to the promoter, NexGen Infracon. ...

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Gurugram: Five-storey illegal building tilts in DLF 3, 20 residents moved out

Friday 23rd June 2023

Approximately 20 residents residing in a five-storey building located in DLF 3 had to be relocated after the building tilted on Monday night, potentially due to excavation activities taking place on the adjacent plot. The owner of the building, identified as U-20/8, has received a notice for engaging in construction activities that violate the Haryana Buildings Code of 2017. Similarly, the owner of the neighboring plot has also been requested to provide an explanation for conducting excavation work without the presence of an architect or engineer at the site. At present, the building, which has tilted slightly to the right, is being supported by two cranes. ...

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Gurugram: Directors, senior executives of Ansal Housing booked for fraud

Friday 23rd June 2023

The police have filed charges against the directors and a number of high-ranking executives of a developer based in Delhi for allegedly defrauding an investor. As per the authorities, numerous individuals had invested in shops at Ansal Hub, a commercial complex located in Sector 83, back in 2010. The builder, known as Ansal Housing Limited, had promised to deliver the properties by 2014; however, the completion of the properties is still pending. ...

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No decision yet on MOFA repeal, says deputy Maharashtra CM

Friday 23rd June 2023

Deputy Chief Minister Devendra Fadnavis stated on Thursday that the state government has not yet made a decision to revoke the Maharashtra Ownership of Flats Act (MOFA), 1963. Although associations representing developers have called for the repeal of the Act, numerous individuals, including the cooperation department, have expressed their support for its continuation. Various consumer groups have taken the initiative to voice their opposition to the proposal of repealing MOFA by submitting multiple representations to the housing department. ...

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Gurugram: Investors of two projects allege fraud by Ninaniya Estates, protest

Thursday 22nd June 2023

A collective of investors, comprising mainly senior citizens, who have invested in two projects, namely Prism Portico in Sector 89 and Prism Suites in Gwalpahari by Ninaniya Estates Limited, expressed their grievances by staging a protest at the developer's office on Wednesday. These projects have remained incomplete for the past decade, and the investors alleged that the developer has defaulted on multiple occasions and is refusing to provide them with refunds. Despite lodging several complaints with various authorities such as the Department of Town and Country Planning (DTCP), the police, and others, the government has failed to take any action in response to their plight. ...

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Conduct structural audit of tower A again, town planner tells Chintels India

Thursday 22nd June 2023

The Department of Town and Country Planning (DTCP) has instructed the developer of Chintels Paradiso, a society located in Sector 109, to arrange for another structural audit of Tower A. This audit is to be conducted by a different agency, preferably the Central Building Research Institute (CBRI), and must be completed within a period of 30 days. Previously, the Indian Institute of Technology Delhi (IIT-Delhi) had conducted an audit of the tower. While the institute's report, which was made public earlier this month, stated that the tower is currently deemed safe, it also highlighted signs of deterioration. As a precautionary measure, the report recommended an annual structural audit to ensure the safety of the residents.  ...

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Delhi civic body bars 140 architects for three years for approving wrong building plans

Thursday 22nd June 2023

According to officials, the Municipal Corporation of Delhi (MCD) has taken the decision to bar 140 architects from granting approval for building plans. This action was prompted by complaints regarding the approval of plans containing incorrect information by architects affiliated with the MCD. In response, the MCD has announced that 20% of the plans will undergo a thorough scrutiny process. Currently, the MCD has approximately 1,300 architects on its panel. ...

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Taxpayer co-owning more than one home can claim benefit: ITAT

Wednesday 21st June 2023

The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) has ruled that owning multiple residential houses in co-ownership does not prevent taxpayers from availing tax exemption on long-term capital gains. This significant decision, which pertains to Section 54F of the Income-tax (I-T) Act, will have advantageous implications for numerous taxpayers. It is particularly relevant in situations where joint investments in real estate are commonly made within large families. ...

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Ahmedabad: Eight plots with base prices totalling Rs 561 crore on block

Wednesday 21st June 2023

The Ahmedabad Urban Development Authority (AUDA) has recently announced an upcoming auction of eight plots, collectively valued at Rs 561.28 crore. These prime plots are situated in Chandkheda, Bopal, Vejalpur, and Manipur-Godhavi. Notably, these exclusive spaces will be auctioned at a considerable discount compared to their market price. The auction is scheduled to take place on June 30 and July 1. ...

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MREAT modifies MahaRERA order, directs builder to pay interest from date of payments

Wednesday 21st June 2023

The Maharashtra Real Estate Tribunal (MREAT) has made modifications to a previous 2021 order issued by the Maharashtra Real Estate Regulatory Authority (MahaRERA). The original order had denied home buyers the entitlement to receive interest on their payments from the day they were made, as well as refunds for additional payments like stamp duties and registration fees. However, in the latest ruling, MREAT directed a developer based in Andheri to compensate the home buyer with interest, commencing from the day of the initial deposit, and further mandated the refund of all statutory payments. ...

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Delhi HC grants interim protection from arrest to M3M Group owners in money laundering case

Wednesday 21st June 2023

In relation to a money laundering case involving the real estate firm IREO, the owners of M3M Group, Basant Bansal and Pankaj Bansal, have been granted interim protection from arrest until July 5 by the Delhi High Court. A vacation bench presided by Justice Chandra Dhari Singh has specified that if the arrest were to occur, the Gurugram-based realty company owners would be eligible for bail, subject to specific conditions. These conditions include a personal bond of Rs 10 lakh each, along with two sureties of the same amount.  ...

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ED arrests two M3M promoters in money laundering case

Wednesday 21st June 2023

According to official sources, the Enforcement Directorate (ED) has apprehended Basant Bansal and Pankaj Bansal, who serve as directors of M3M, a real estate group based in Gurugram. Their arrest is connected to a case of money laundering linked to a former special court judge from Panchkula, as per an anti-corruption bureau investigation. The agency took the two directors into custody on Wednesday, utilizing the provisions outlined in the Prevention of Money Laundering Act (PMLA). ...

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